Stocks making the biggest moves midday: Tellurian, Wynn Resorts, Snap, Walgreens and more
Check out the companies making headlines in midday trading Friday:
Tellurian — The liquified natural gas company (LNG) surged 19.4% after Credit Suisse upgraded Tellurian to outperform, saying LNG prices are high and may continue to be for the foreseeable future.
Wynn Resorts — Shares of the casino and resort operator's shares advanced 1.1% after an upgrade from Citi to buy from neutral. The bank cited increasing clarity around regulation and Wynn's licenses in Macao, along with its attractive valuation.
GameStop — GameStop shares gained more than 4% before inching into red after the company said it will seek stockholder approval at its next shareholder meeting to implement a stock split. The company is proposing an increase to 1 billion shares from 300 million.
BlackBerry — BlackBerry shares fell 9.5% after the communications software company reported disappointing cybersecurity revenues for the previous quarter. The company said Thursday that revenues for its cyber came in at $122 million, below a StreetAccount estimate of $126 million.
Snap — The social media giant's shares rose 3.8% after Piper Sandler reiterated its overweight rating on Snap, saying it sees a "compelling pocket of user growth opportunity" in Mexico, Brazil, Italy and Spain.
Walgreens Boots Alliance — Walgreens dipped 2% after Baird downgraded the stock to neutral from outperform and cuts it price target on the drug store chain. The downgrade comes after the company reported second-quarter earnings that beat consensus estimates, but said it will take time for its health-care investments to pay-off. Investors are also concerned that Walgreens is losing momentum from pandemic traffic.
Chinese EV makers — Chinese electric vehicle makers' shares were higher after reporting a March surge in car deliveries despite a rise in Covid cases and raw materials costs. Shares of Li Auto and Xpeng each increased about 5%, while Nio added 4%.
Dell — Dell shares fell 2.7% after Goldman Sachs downgraded the computer builder to neutral from buy amid mounting pressure on the PC market. Dell "remains inexpensive compared to its peers, but we see increasing fundamental headwinds hindering this value unlock," the firm said.
Qualcomm — Shares of the chip stock fell 3.8% after JPMorgan removed Qualcomm from its Analyst Focus list for the month of April. The Wall Street firm cited "near-term challenges relative to consumer spending."
— CNBC's Maggie Fitzgerald, Sarah Min, Samantha Subin and Michael Bloom contributed reporting